Is it better to defer my consulting fee to next year. I have unusually high income this year and my spouse plans to retire in January.

Income is high due to layoff package. I have another consulting position active now. Current year joint AGI is probably in the range 330K exclusive of the consulting fees.

Asked by Kelvin

1 Answer

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Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Kelvin,

By deferring until next year, will this lower your tax liability or raise it? Ask your Accountant (preferably a competent CPA) and tax advisor. Also, will you have enough liquidity this year by deferring the income?

Those are the starter questions that I have.

Feel free to contact us directly to discuss your situation in greater detail. No obligation

Its not what you make. Its what you keep that determines your lifestyle. | 05.24.16 @ 00:22
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$commenter.renderDisplayableName() — {comment} | 12.05.16 @ 08:37
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